Core Insights - Primoris Services Corporation (PRIM) is leveraging market opportunities in various sectors, particularly in Renewables, power, grid, data centers, and related infrastructure projects, driven by federal incentives from the Inflation Reduction Act (IRA) and significant private investments in clean energy [1][8] Business Performance - The total backlog for Primoris as of June 30, 2025, reached $11.49 billion, with a 12-month backlog of $5.14 billion, showing an increase from $10.45 billion and $4.26 billion in the previous year [3][8] - The company is experiencing strong demand in utility-scale solar, EPC work, and battery storage projects, alongside a rise in power-related projects in both industrial and residential markets [3][8] Market Environment - The U.S. government's scrutiny of solar panel imports from Southeast Asia and potential tariff extensions on imports from China may impact costs and project timelines, posing challenges for EPCM contractors like Primoris [2][8] - Despite these challenges, the overall economic outlook is positive, with expectations of further Fed rate cuts, which could benefit Primoris' project pipeline and long-term growth [4] Competitive Landscape - Primoris faces competition from firms like EMCOR Group and Quanta Services in the public infrastructure sector, particularly in power and industrial infrastructure [5] - The company differentiates itself by focusing on specialized contracts and selective bidding, allowing it to maintain profitability and execution efficiency despite the larger scale of competitors [6] Stock Performance and Valuation - Primoris' stock has increased by 45.4% over the past three months, outperforming the Zacks Building Products - Heavy Construction industry and the broader S&P 500 index [7] - The stock is currently trading at a forward 12-month price-to-earnings (P/E) ratio of 23.93, indicating a premium compared to industry peers [10] Earnings Estimates - Earnings estimates for Primoris for 2025 and 2026 are $5.08 and $5.55 per share, respectively, reflecting year-over-year growth of 31.3% and 9.3% [11]

Core Viewpoint - Ausbil Investment Management Ltd has significantly increased its investment in NextEra Energy, indicating strong confidence in the company's future potential despite its recent underperformance compared to the S&P 500 [1][7][10]. Investment Activity - Ausbil purchased approximately $4.31 million worth of NextEra Energy shares, increasing its position by 58,977 shares during the quarter, bringing the total to 140,270 shares valued at $11.04 million as of September 30, 2025 [1][2]. - Following this acquisition, NextEra Energy now constitutes 5.9% of Ausbil's reportable assets under management (AUM) [3][8]. Company Overview - NextEra Energy reported a trailing twelve months (TTM) revenue of $25.90 billion and a net income of $5.92 billion, with a dividend yield of 2.64% [4]. - The company's shares were priced at $84.04 as of October 8, 2025, reflecting a 4.4% increase over the past year, although it underperformed the S&P 500 by 10.65 percentage points during the same period [3][4]. Business Model and Operations - NextEra Energy operates in the generation, transmission, and distribution of electric power through various sources, including wind, solar, nuclear, coal, and natural gas, with a growing emphasis on renewable energy and battery storage projects [5][6]. - The company serves approximately 11 million customers through about 5.7 million accounts, primarily on the east and lower west coasts of Florida [6]. Performance Metrics - Over the past three years, NextEra Energy has achieved a total return of only 18%, translating to a compound annual growth rate (CAGR) of 5.8%, significantly lagging behind the S&P 500's total return of 90% and a CAGR of 23.8% [9][11].